Real Estate forecast hopeful
February 5, 2008LOVELAND - The Group Inc. Real Estate’s annual real estate forecast Monday night was upbeat compared to other recent economic forecasts.The Group predicts an improvement in the real estate market over last year. Speakers also emphasized that national real estate reports are not indicative of what’s happening in Northern Colorado.
Most national data and media coverage is not relevant to local markets, said Chuck McNeal, chairman of The Group Companies.
“The real estate sector has been the whipping point for the media for quite awhile now,” he said, adding that about 1 percent of homes are in foreclosure. National foreclosure woes aren’t mirrored in the Northern Colorado region.
McNeal compared local and national real estate markets to weather. Northern Colorado residents don’t focus on a national forecast so, he questioned, why focus on national real estate trends?
In addition to the old real estate adage, ‘location, location, location,’ McNeal said more people need to think ‘local, local, local,’ as that will be a main driver in 2008’s real estate market.
More than 1,000 people attended the Group’s annual real estate forecast Monday night at the Budweiser Events Center at the Ranch.
In 2008, The Group predicts 3,685 home sales in the Fort Collins/Wellington area and 1,800 in Loveland, bringing the total to 8,350 for the Northern Colorado region. That estimate will make for a good 2008, but it won’t be a record year. And the number of expected sales will be lower than the 8,421 sales in 2007 and the 8,786 in 2006.
“We believe it is inevitable our markets will return to equilibrium,” he said, stressing that real estate needs to be thought of on a cyclical cycle. “It won’t happen right away. In fact, the next six months may feel like the last six months; but once we reach critical mass on that, it’ll be a dramatic rebound.”
The upcoming year also presents good opportunities for investment homes, especially in Fort Collins because Colorado State University is located there.
The Group’s entire real estate forecast went against the grain of other recent predictions by providing a more optimistic outlook for the year.
Only a few weeks ago, several regional economists predicted a recession for Northern Colorado, saying it’s not if a recession happens but when.
Sharianne Daily, president and CEO of The Group Inc., said a 1.5 percent increase in employment in 2007 will also help drive the real estate market back up.
“We continue to attract the best and the brightest in employees and companies in the region,” Daily said
No Comments » | 
fort collins real estate | 
Permalink
Posted by erealtyco
